What is the best personal loan lender in Colorado?

In Colorado, the best personal loan lender overall is Lightstream. However, the best company for you can vary. For example, SoFi and Upstart are the best options for individuals with good and bad credit, respectively. If you’re looking to get personal loans for home improvement or debt consolidation, Best Egg and Upgrade would be the best options, respectively.

Which lender in Colorado has the lowest interest rate?

With a 3.22% starting APR range, Upstart has the lowest interest rates in Colorado.

Can I use a personal loan for vacations in Colorado?

Yes, most lenders allow the use of personal loans to fund your vacation in Colorado. However, it’s best to get in touch with your lender or read the lender’s loan agreement to see if they have any restrictions on the usage of loan funds.

Can I use a personal loan for home improvement in Colorado?

Yes, most loan lenders provide personal loans to fund home renovations or improvements in Colorado. Before applying, contact your chosen lender and ask if they restrict the use of loan funds for any purpose.

What can I not use my personal loan for in Colorado?

You can generally use personal loans in Colorado to cover any emergency or immediate expenses. However, lenders usually do not allow the use of loans to pay for college tuition, education expenses, gambling, investing or any unlawful activity.

How much can I borrow in Colorado?

In Colorado, the maximum loan amount that you can borrow varies from lender to lender. Personal loan lenders in the state allow you to borrow from $1,000 to $100,000.

How long does it take to get a personal loan in Colorado?

The loan approval time is different for each lender. Typically, it takes about one to seven days. However, some lenders offer same-day funding.

Can I pay off my loan early in Colorado?

Yes, it’s possible to pay off your loan early in Colorado. While some lenders may charge you a prepayment penalty, other lenders might not charge this kind of fee. You can review the fine print of your lender’s personal loan product for more information.

Top Lenders & Best Picks for You

Best Personal Loans in Colorado

LightStream offers the best personal loans in Colorado, which includes benefits like competitive rates, autopay discounts and a high borrowing limit.

However, the best personal loan lender depends on your profile and needs. For instance, the best option if you have bad credit, is Upstart, while SoFi is for people with good credit. Best Egg has excellent options for home remodeling loans, and Upgrade is our top choice for debt consolidation.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Colorado
The Best Personal Loan Lender for Bad Credit in Colorado
The Best Personal Loan Lender for Good Credit in Colorado
The Best Personal Loan Lender for Debt Consolidation in Colorado
The Best Personal Loan Lender for Home Improvements in Colorado
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Colorado

MoneyGeek’s Pick on Best Personal Loan Lender in Colorado: Lightstream

The best personal loan lenders offer lower interest rates, charge limited fees and have flexible loan amounts as well as repayment terms. MoneyGeek considered 30 factors, including BBB ratings, loan amounts, repayment terms, interest rates, origination fees, credit scores, income requirements, employment requirements and more, to determine which lender offers the best personal loans in Colorado.

Best Overall Personal Loan Lender in Colorado: Lightstream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
Lightstream is the online lending platform of Truist, which was formed after the merger of SunTrust and BB&T in 2019. Since the lender offers a low APR and charges no fees to individuals with excellent credit scores, MoneyGeek found it the best option in Colorado for personal loans.
Lightstream offers different personal loans for many purposes, including vehicle financing, home improvement, vacation, education, debt consolidation and much more. It provides same-day funding, making it a good option for covering emergency expenses. With this lender, you can get a personal loan of $5,000–$100,000.
The lender does not offer prequalification and performs hard credit inquiries, affecting your credit score. Lightstream also requires excellent credit scores. If you have a bad credit history, it might not be the best option for you.
Pros
No prepayment penalty
A+ BBB rating
No late fees
Same-day funding
0.5% autopay discount

Cons
Restrictions on fund usage
Conducts hard inquiry
Does not allow co-signers
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same-day funding
on LightStream Website

Best Personal Loan Lender for Bad Credit in Colorado: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Upstart was founded in 2012 and offers personal loans all across the U.S, except Iowa and West Virginia. It has a low credit score requirement for personal loans, making it the best option for individuals with bad credit scores.
While the company does not have any restrictions on the use of personal loans for most purposes, it does not allow the use of loans for educational expenses and student loan repayment in some U.S. states. Once Upstart approves your loan, it can take one to two days to receive the funds. It also offers second loans to eligible borrowers.
Upstart might charge you higher interest rates if you have bad credit scores. Also, the company does not have a mobile app. Consequently, if you are looking for a digital experience, you should look elsewhere.
Pros
No prepayment penalty
Performs soft credit inquiry first
A+ BBB rating
Available for people with bad credit
Flexibility in payments

Cons
Does not allow co-signers
Potentially high origination fee
No mobile app
APR Range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000 – $50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

Best Personal Loan Lender for Good Credit in Colorado: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
SoFi was founded in 2011. The company initially started by offering student loan refinancing but now also provides personal loans, mortgages and other financial products. MoneyGeek’s research shows that SoFi is the best option for individuals with good credit.
SoFi offers online pre-qualification to its borrowers and performs a soft credit inquiry first, so it won’t affect your credit score. If you lose your job while you have an active loan with SoFi, the company will modify your monthly loan payments and even assist you in finding a new job. It also offers multiple loans to eligible borrowers.
Since SoFi takes a long time to approve loans that are more than $20,000, It’s best to consider another option if you are looking for faster approval and funding.
Pros
No prepayment penalty
No origination fee
Performs soft inquiry first
A+ BBB rating
Loans up to $100,000

Cons
Does not allow co-signers
Requires good to excellent credit scores
Funding can take up to two days
APR Range: 5.74%2–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Colorado: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek found Upgrade to be the best personal loan lender for debt consolidation in Colorado. The company was founded in 2016, and it has an A+ BBB rating.
Upgrade offers fast loan disbursement and directly pays the debt to the creditors, making it the best option if you want a personal loan for debt consolidation. The company also offers joint loans, which can benefit individuals with a bad credit score. Once your loan is approved, it can take as little as a day to receive funds in your account. Upgrade’s personal loans are issued by its lending partners, the Cross River Bank and the Blue Ridge Bank.
If you have a good credit score, you can find cheaper rates than Upgrade elsewhere. The company does not offer loans to the residents of Washington, D.C.
Pros
No Prepayment penalty
No minimum gross income requirement
Performs soft inquiry first
Offers joint loans
Offers wide range of repayment terms

Cons
Does not allow co-signers
Charges late fees
Not available for people with new to no credit
APR Range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000 – $50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Colorado: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Best Egg, an online lender, was founded in 2014. It offers personal loans in 47 U.S. states. The company is operated by Marlette Funding, a financial services company. MoneyGeek’s research found Best Egg to be the best personal loan lender for home improvements.
The company offers online pre-qualification to borrowers, which does not affect your credit score as it only involves a soft credit inquiry. Once you’re approved for a Best Egg personal loan, the funds are deposited in your bank account in as little as one day. The company also offers flexibility in payments, and you can change your payment due date by email, live chat or phone.
Since Best Egg does not allow co-signers or co-borrowers, it’s not a good option for those who have bad credit scores.
Pros
No prepayment penalty
Performs soft credit inquiry first
A+ BBB rating
Funding takes as little as one day
0.5% autopay discount

Cons
Potentially high origination fee
Does not allow co-signers
$15 late fee
APR Range: 4.99% – 35.99%
Minimum/maximum loan amount: $2,000 – $50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How to Choose the Best Personal Loan Lender in Colorado for You

Before applying for personal loans in Colorado, it’s important to consider your financial needs, income, credit history, repayment terms and other essential details. While the average personal debt in Colorado is $21,783, the right loan amount you’ll need could be different based on your needs and further personal information. MoneyGeek listed the following steps that you need to take while looking for the best personal loans in Colorado:

Ask Yourself the Important Questions

When applying for a personal loan, evaluate your financial needs and the lender’s requirements. Ask yourself the following questions:

How much funding do I need? - Make sure you know how much you need in funding before you apply.
What is my credit score? - Certain lenders require specific credit scores to get a loan. Find out your score to make sure you qualify before applying.
Can I afford the monthly payment? - Evaluate your income and expenses to make sure you can afford the monthly payment that will come with your loan.
How much debt do I already have? - Consider how much debt you currently have and if it makes sense to take on more debt.
How much will I pay in interest? - Understand how much your loan will cost you in terms of interest to ensure taking out a loan is a financially wise decision.

Do Your Research

Once you have considered your financial situation and how much you can afford to pay every month, you should thoroughly research different lenders. It's essential to shop around and compare the interest rates of various lenders to find which one would suit you the best.

Be careful about asking for exact quotes from lenders, as they might perform a hard credit inquiry which can affect your credit scores. Instead, opt for ones that offer online pre-qualification. Compare the lenders' rates, look at their repayment terms and consider how much you would have to pay back eventually. While MoneyGeek analyzed all this information in our guide, you can also research yourself to find which lender suits your needs.

Wait

Once you have narrowed down your choices to a few lenders, you should wait a day or two and think through your decision. You can re-analyze your financial situation during this period and ensure that applying for a personal loan is a good choice for you. You can also see if there is any other option aside from taking out a loan. Since a personal loan is a significant commitment and can take years to pay off, it’s best not to be hasty. Think it through thoroughly so you can choose the best option for your situation

Read the Fine Print

Before moving on to the application stage, it's good to analyze the fees charged by your lender. You can read the fine print of the lender's loan agreement to see if it charges a fee for late payments, paying off your loan early or an origination fee. Also, have a look at the lender's interest rate and figure out how much money you will have to pay back. Having an idea of all the fees will help you avoid financial trouble in the long run.

Apply

After you have analyzed the fees charged by the lender, you can move forward with applying for the personal loan. At this stage, the lender might ask you for your personal and income details while requiring identification, address verification and proof of income. Most lenders accept online applications for personal loans, but you can also visit or call the lender to ask for more information and make your decision depending on the lender you choose.

What to Do if You Can’t Get a Personal Loan in Colorado

While it may feel discouraging when you get rejected for a personal loan, it happens to many people. Lenders can reject personal loan requests for many reasons, including a low credit score, poor debt-to-income ratio, an incomplete application and other factors.

After getting rejected, the best way to proceed is to ask the lender the reason behind denying your personal loan. Then, you can work to improve that factor. For example, if your loan was rejected due to a low credit score, you can get a secured credit card, a credit-builder loan or become an authorized user on someone else’s credit card to build your credit history. While it may be tempting to apply for a loan with another company, it’s financially smarter to try to fix the reason you got denied in the first place.

Some borrowers may also look into getting a payday loan. However, MoneyGeek recommends against these as payday loans have high interest rates. Plus, you could accumulate a lot of debt if you aren’t able to make the payments on time.

Frequently Asked Questions About Personal Loans in Colorado

The best personal loan lender in Colorado for you will depend on your needs, credit score and other income factors. MoneyGeek answered the following frequently asked questions to help you make the right decision.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.